New York - Facebook's fourth-quarter financial results surpassed Wall Street's expectations, but the company's stock is dipping lower in extended trading.

Facebook earned $64-million, or three cents per share, in the October-December period. That's down from $360-million, or 14 cents per share, a year earlier when it was still a privately held company.

Revenue rose 40 percent to $1.59-billion from $1.13-billion.

Excluding special items, mainly related to stock compensation expenses, Menlo Park-based Facebook earned 17 cents per share in the latest quarter.

Analysts polled by FactSet expected lower adjusted earnings of 15 cents per share on revenue of $1.51-billion.

Facebook says it generated 23 percent of advertising revenue from mobile, up from 14 percent in the third quarter.

Facebook's stock is down 4.3 percent to $29.91 after-hours. - Sapa-AP